Luminent Reports Progress with Whole Loan Lenders as Part of Strategic Initiative to Rebuild Value
11 Settembre 2007 - 4:41PM
PR Newswire (US)
SAN FRANCISCO, Sept. 11 /PRNewswire-FirstCall/ -- Luminent Mortgage
Capital, Inc. (NYSE:LUM) today announced progress in stabilizing
its whole loan business. Luminent reported that, with respect to
the $594.8 million of non- securitized whole loans and commitments
to purchase an additional $320.9 million of such loans on its
balance sheet as of June 30, 2007: -- Luminent has repaid all of
its warehouse lines of credit that were financing these whole loan
purchases. One warehouse line for $1.0 billion has been terminated,
and no balances are outstanding under two warehouse lines totaling
$1.5 billion. -- Luminent has sold all but five loans in its
warehouse facilities. Luminent does not finance these five loans
and is seeking recoveries where it has the contractual right to
require a repurchase by the originator. -- Luminent has maintained
its interest in its ten whole loan securitizations. Luminent has
reduced its employee workforce since August by 15 persons, which
will result in appropriate savings in light of reduced origination
volumes in the future. Trez Moore, Chief Executive Officer, stated,
"Luminent is moving forward with strategic initiatives designed to
capitalize on investment opportunities in this changed market
environment. These initiatives are designed to resolve Luminent's
liquidity issues and, over the longer term, create opportunities
for enhancing the value of Luminent." This news release and
Luminent's filings with the Securities and Exchange Commission
contain forward-looking statements under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements convey
Luminent's current expectations or forecasts of future events. All
statements contained in this press release other than statements of
historical fact are forward- looking statements. Forward-looking
statements include statements regarding our financial position,
business strategy, budgets, projected costs, plans and objectives
of management for future operations. The words "may continue,"
"estimate," "intend," "project," "believe," "expect," "plan,"
"anticipate" and similar terms may identify forward-looking
statements, but the absence of such words does not necessarily mean
that a statement is not forward-looking. These forward-looking
statements include, among other things, statements about: -- the
effect of the flattening of, or other changes in, the yield curve
on our investment strategies; -- changes in interest rates and
mortgage prepayment rates; -- Luminent's ability to obtain or renew
sufficient funding to maintain its leverage strategies and support
its liquidity position; -- continued creditworthiness of the
holders of mortgages underlying Luminent's mortgage-related assets;
-- the possible effect of negative amortization of mortgages on
Luminent's financial condition and REIT qualification; -- the
possible impact of Luminent's failure to maintain exemptions under
the 1940 Act; -- potential impacts of Luminent's leveraging
policies on its net income and cash available for distribution; --
the power of Luminent's Board of Directors to change its operating
policies and strategies without stockholder approval; -- effects of
interest rate caps on Luminent's adjustable-rate and hybrid
adjustable-rate loans and mortgage backed securities; -- the degree
to which Luminent's hedging strategies may or may not protect it
from interest rate volatility; -- Luminent's ability to invest up
to 10% of its investment portfolio in residuals, leveraged mortgage
derivative securities and shares of other REITs as well as other
investments; -- volatility in the timing and amount of Luminent's
cash distributions; -- Luminent's ability to purchase sufficient
mortgages for its securitization business; and -- the other factors
described in Luminent's Form 10-K, Form 10-Q and Form 8-K reports,
including those under the captions "Management's Discussion and
Analysis of Financial Condition and Results of Operations," "Risk
Factors" and "Quantitative and Qualitative Disclosures about Market
Risk." Luminent cautions you not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All subsequent written and oral forward-looking
statements attributable to Luminent or any person acting on its
behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this press release. Except
to the extent required by applicable law or regulation, Luminent
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.
Contact: Lin-Hua Wu / Lyndsey Estin Kekst and Company (212) 521
4800 DATASOURCE: Luminent Mortgage Capital, Inc. CONTACT: Lin-Hua
Wu, or Lyndsey Estin of Kekst and Company, +1-212-521-4800
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